The Business of Being a Race Driver for August 30, 2022

This week The Business of Being a Race Driver features a whole bunch of tips and tools that should help make the business of being a race driver that much easier and more effective for you. There is everything from advice on how to create sponsored YouTube content to tips on how to speak out for those of us who tend to be shy. I also bring you a guide to networking, using NFTs in motorsport and more. As always, take notes!

The Business of Racing

• Megan Meyer mentioned this in her latest newsletter (something I highly recommend you subscribe to). It is from Teachable and is A Creator Guide on How to Get Sponsored on YouTube. As Megan said in her newsletter: “74% of marketers said they plan to spend at least a quarter of their budgets on content creator partnerships so if you haven’t jumped on the YouTube train, I absolutely recommend you do so!“

• The Sponsorship Collective explains Why Sponsors Hate Your Sponsorship Package. “If you’re frustrated with the responses you’ve gotten from sponsorship prospects once they see your tiered assets and activations, this guide is for you. I’ll help you retool your sponsorship package so it’s something a prospect relishes looking over.”

• Motorsport marketing consultant Daryl Curtis has some wise words in his latest Lesson For The Day: Racing Towards The Future or Stuck In Neutral? “If you don’t start thinking strategically, five years will have passed and you will very likely be at the same spot in your career. That can be very demoralizing and prevent you from being excited about what the next steps are. Don’t let that happen!“

• I have written in the past in News Racers Can Use about the importance of networking. It is critical to your success as a race driver. Gianna Prudente, an editor at LinkedIn News also looks at networking in how to network with intention. “Whether you’re looking for a new job or searching for a mentor, networking can lead you to unforeseen opportunities. However, meaningful connections aren’t built overnight. Instead, networking requires special care and intention. Here’s how to begin: Cast a wide net, especially if you’re early in your career. Before reaching out, practice your elevator pitch. After your initial conversations, send a follow-up note that’s unique to the individual. Lastly, keep in touch to maintain your relationships.” This of course applies to all facets of life, not just motorsport.

• Related to networking is the art of speaking. After all, you cannot network if you cannot speak and yet for many of us, speaking and interacting with others, especially if you are shy, can be a struggle. Here are 5 Tips for Speaking Up When You’re Shy.

• Power Sponsorship has a great article on Sponsor Speeches: How to Alienate Your Target Market in One Easy Step. “There is one benefit, though, that can alienate you from a target market faster than almost any other: Sponsor speeches. We’ve all been at a conference or awards or movie premiere or whatnot, and been all ready for whatever was coming, only to have the momentum come to a screaming halt when one (or several) of the sponsors are introduced to make speeches.”

• For businesses looking to sign a sports sponsorship deal, Drive Sports Marketing looks at The Right Time to Sign a Sports Sponsorship. “The average sports sponsorship negotiation time is around 6 months, mainly because of the sponsor’s internal structure and processes. Therefore, it is an activity that needs to be carefully planned, also because sports properties have their deadlines as well.”

• Finally, I looked at some of the exciting developments in motorsport around NFT, DAO and blockchain technology in NIL, NFTs, DAOs and the Future of Driver Development: Opportunity Knocks.

The Costs of Racing

• In IMSA’s Man of Many Talents, McAleer Loves the Pace, the IMSA website shines the spotlight on driver, team owner and coach Stevan McAleer. Amongest his many words of advice is this: “Unless you’re a factory driver, you make your money in coaching,” McAleer said. “That’s where the money is. The fact that I’ve been able to drive different cars in different series has helped my coaching career. It’s quite clear that I can drive any car, and that’s really boosted the coaching.”